Bailout Now Costs Over 1 Billion

The Government bailout of Air New Zealand is
now costing taxpayers over 1 billion dollars and there is no
guarantee that's where it will end, according to National's
Associate Finance spokesperson David Carter.

This
follows today's announcement that the Government is paying
an average of 26c per share and that it is coughing up a
further $150 million into the recapitalisation
programme.

"The public of New Zealand quite rightfully
are wanting to know why the Government wants to play airline
investor when the health and education sectors, the core
functions of government, are in such a shambles," says Mr
Carter.

"Only just a month ago Dr Cullen was reported as
saying that 'there is no reason to believe that any more
money will be required', and that the original $885 million
would be 'at or very near requirements.'

"Clearly it
wasn't even remotely near requirements. We should not forget
also that the Government had no choice but to set the share
level at around 24c to protect the Prime Minister who is
still under investigation for her inappropriate
comments.

"What we have here is a Government way out of
its depth in matters of economic management. They are not
business people - they have demonstrated this throughout the
entire Air New Zealand saga.

"Their dithering early on
resulted in a private sector bailout collapsing that ended
up costing hardworking taxpayers an initial $885 million,
with the bill still climbing.

"So what we have here is
Air New Zealand with a billion dollars of taxpayer money in
the bank and our teachers, nurses and radiotherapists being
told there is no money for them.

"With such a poor
track record in understanding business, it is certainly no
wonder that the Government is having so much trouble trying
to find someone willing to chair Air New Zealand," says Mr
Carter.

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